Ann: Half Year Report and Accounts, page-2

I only look at this company twice or three times a year, namely during the two results reports and maybe when there is some commentary made around regulatory changes or an acquisition that is made.

For my idea of the sort of company I like to own is where there is great predictability in financial performance.

And my experience is that, for almost every ONT result I have studied over the years, the financial statements look strikingly similar to my financial model for the company, right down to Revenues, margins, working capital, operating cash flows, capex, the net cash position, etc.  

(And that's not because I am some sort of uniquely talented financial modeller...truth be known, I'm rubbish at it.)  

If you have time to read through only one company result this reporting season, and you want to see evidence of a company whose CEO communicates frankly and candidly with the fellow owners of the business, then this is the one to read.


The usual riposte from @kinggee (which I have to concede I find useful to challenge my now-default positive stance on the stock... which could be a dangerous thing) is awaited.